Insurance industry books higher assets, net worth and payouts in the 1st quarter

THE INSURANCE SECTOR’S total assets, net worth, and benefit payouts grew in the first quarter, the Insurance Commission (IC) reported on Thursday.

The IC said in a statement that data from 129 out of 135 licensed life and nonlife insurers and mutual benefit associations (MBAs) showed their total assets increased by 12.21% year on year, while their total net worth and total benefits paid likewise grew by 24.27% and 19.48%, respectively

In real terms, total assets, net worth, and benefits paid of these three sectors stood at P2.12 trillion, P392.51 billion, and P33.32 billion, respectively, in end-March.

Total invested assets also grew by 9.94% to P1.84 trillion, while total paid-up capital and guaranty fund increased by 9.75% to P75.9 billion.

“Life and nonlife insurers and MBAs are steadily recovering from the adverse economic effects of the pandemic, as evidenced by these numbers for Q1 2022. Moreover, the year-on-year increase in total benefits paid during the same quarter highlighted the continuing commitment and responsiveness of our insurers and MBAs to the needs of the insuring public despite the challenges posed by the pandemic,” Insurance Commissioner Dennis B. Funa was quoted as saying.

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